Well, this is a fail if we’ve ever seen one. Some overeager, underprepared investors looking to get ahead of Twitter’s recently publicized IPO accidentally beelined for the wrong stock. Instead of shares of the social media network, which will in fact begin trading in November, they processed more than 14 million transactions for Tweeter Home Entertainment Group, a consumer electronics retailer that filed for bankruptcy in 2007 and closed down in 2008.
Tweeter still has shares under the symbol TWTRQ, confusingly close to Twitter’s TWTR, though the Q is usually used to indicate stock of companies that are bankrupt. The mishap sent Tweeter’s shares climbing by nearly 15 times their average price. Trading was eventually stopped after the error was discovered, but the company’s shares closed at five cents, up from its usual single cent.